UC-NRLF 


1DD    Sfib 


PROCEEDINGS 


OF   THE 


WESTERN  RAIL-ROAD  CORPORATION, 

• 
JANUARY  27,  1841 5 


INCLUDING  AN 


ADDRESS  TO  THE  PEOPLE 


OP   THE 


COMMONWEALTH   OF   MASSACHUSETTS, 


ON   THE    APPLICATION   FOR 


AN   ADDITIONAL   LOAN 


OF    THE 


STATE    CREDIT 


Booton: 

DUTTON    AND    WENTWORTH,    PRINTERS, 
1841. 


WESTERN  RAIL-ROAD  CORPORATION. 


AT  a  special  meeting  of  the  Western  Rail-road  Corporation, 
held  in  Boston,  January  27,  1841,  and  very  numerously  attend- 
ed, from  all  parts  of  the  Commonwealth, 

Ordered  unanimously,  That  the  President  and  Directors  of 
the  Western  Rail-road  be,  and  they  are  hereby  required,  and 
enjoined  to  apply  to  the  Legislature  of  this  Commonwealth, 
now  in  Session,  for  a  Loan  of  the  credit  of  the  State,  to  the 
Western  Rail-road  Corporation,  for  One  Million  of  Dollars,  by 
a  State  Stock,  having  thirty  years  to  run,  payable  to  bearer, 
with  Warrants  for  the  Interest  at  5  per  cent,  per  annum,  paya- 
ble semi-annually  ; — which  may  be  expressed  in  the  Money  of 
Great  Britain,  making  the  Principal  and  Interest  payable  in 
London. 

Ordered  unanimously,  That  a  Committee  of  sixty-five  be 
appointed  to  aid  the  President  and  Directors,  in  their  applica- 
tion to  the  Legislature  for  a  loan  of  the  credit  of  the  State,  as 
expressed  in  the  preceding  vote ;  with  power  to  enlarge  their 
number. 

Ordered  unanimously,  That  the  following  persons  compose 
said  Committee. 

William  Savage,  Chairman.  Gideon  Barstow,  Salem, 

Joseph  T.  Adams,  Wm.  G.  Bates,  West/Lett, 

Benjamin  Adams,  S.  A.  Bemis, 

George  W.  Bond,  Edward  Cruft,  Jr. 

Amos  Binney,  Thomas  B.  Curtis, 

James  Boyd,  Stephen  A.  Chase, 

Benj.  Butman,  Worcester,  E.  Copeland,  Jr. 

Richard  W.  Bayley,  P.  P.  F.  Degrand, 


M199Q83 


4 


George  Darracott, 
Elias  Hasket  Derby, 
John  Dickinson, 
H.  A.  S.  Dearborn, 
Nath'l  H.  Emmons, 
William  Fettyplace, 
Robert  Farley, 
Chas.  Grennell,  N.  Bedford, 
Addisori  Gilmore, 
Charles  G.  Greene, 
Nath'l  Hammond, 
Mark  Healey, 
George  S.  Hillard, 
David  Henshaw, 
Richard  Haughton, 
Doct.  Wm.  Ingalls, 
Francis  Jackson, 
George  H.  Kuhn, 
Abraham  T.  Lowe, 
S.  S.  Littlehale, 
Thomas  J.  Lobdell, 
Edward  P.  Merriam, 
James  K.  Mills, 
Michael  Mellen, 
W.  W.  Parrott, 


Edward  D.  Peters, 

George  Pratt, 

Lemuel  Pomeroy,  Pittsfield, 

Charles  A.  Read, 

Henry  Rice, 

Julius  Rockwell,  Pittsfield, 

Luther  Robinson, 

Stephen  O.Russell,  Springfield. 

Caleb  Rice,  West  Springfield , 

Edward  H.  Robbins, 

B.  T.  Reed, 

Thomas  R.  Sewall, 

Bodwell  Sargent, 

David  A.  Simmons, 

Charles  Stearns,  Springfield, 

James  Savage, 

Wm.  Thomas, 

Seth  J.  Thomas, 

John  E.  Thayer, 

Jno.  W.  Treadwell,  Salem, 

Newell  A.  Thompson, 

Charles  Wilkins, 

Charles  A.  Welles, 

Wm.  F.  Weld. 


P.  P.  F.  Degrand  submitted  the  following  draft  of  an  Ad- 
dress to  the  people  of  the  Commonwealth  of  Massachusetts  ; 
and  this  Address  was  Read  and  unanimously  adopted. 


ADDRESS 

To  the  People  of  the  Commonwealth  of  Massachusetts : 

BOSTON,  27th  Jan.  1841. 
FELLOW  CITIZENS, 

The  time  has  at  length  arrived,  when  we  can  safely  predict 
the  accomplishment,  at  no  distant  day,  of  the  great  purpose  of 
Massachusetts,  THE  COMPLETION  OF  A  CHEAP,  EASY 
AND  RAPID  CHANNEL  OF  COMMUNICATION  WITH 
THE  GREAT  WEST  ;— -of  a  channel  of  communication  unin- 
terrupted by  the  severity  of  winter,  or  by  the  storms  of  the  seas  or 
of  war ; — of  a  channel  of  communication,  which  will  place,  within 
our  daily  reach,  the  interchange  of  friendly  intercourse,  with 
our  Fellow  Citizens,  family  friends  and  relatives  in  the  West — 
and  the  interchange  of  the  Products  of  our  Fisheries,  of  our 
Commerce,  of  our  Manufactures,  and  of  all  the  fruits  of  our 
never-ceasing,  never-tiring  Yankee  industry,  exerted  not  only 
at  home,  but  in  all  Countries  and  in  all  climes  ; — aye,  the  inter- 
change of  all  these  Products,  for  the  rich  Harvests,  brought  to 
the  Hudson,  by  the  25,000  Miles  of  Canals,  Rail-Roads,  In- 
land Seas  and  Great  Rivers  of  our  boundless  West, — PRE- 
SENTING, FOR  OUR  USE,  AN  INLAND  STEAM-COM- 
MUNICATION, EXCEEDING,  IN  LENGTH,  THE  CIR- 
CUMFERENCE OF  THE  GLOBE. 

FELLOW  CITIZENS, 

The  liberal  Proceedings  of  our  enlightened  Legislators  have 
enabled  us  so  far  to  advance  the  Work,  as  to  secure  (with  but 


little  more  aid,)  the  completion  of  the  Western  Rail-Road,  to 
the  Line  of  the  State,  within  the  present  year  : — And  a  Con- 
tract of  Transportation,  very  fortunately  made,  with  the  Al- 
bany and  West  Stockbridge  Rail- Road  Company,  and  with 
the  City  of  Albany,  in  the  true  enlightened  Spirit  of  mutual 
interest,  HAS  PLACED,  IN  OUR  OWN  HANDS,  THE 
KEY  OF  THE  WESTERN  RAIL-ROAD,— by  securing  to 
us  the  control  of  the  construction  and  management  of  the  38 
Miles  of  Rail-Road,  from  the  Line  of  our  State  to  the  very 
mouth  of  the  Erie  and  Champlairi  Canals  ; — thus  giving  us  pos- 
session of  the  long-sought  Prize. 

Of  these  38  Miles,  between  Albany  and  West  Stockbridge, 
— the  23  Miles,  from  Albany  to  Groats,  are  already  under  con- 
tract, and  will  be  vigorously  prosecuted,  to  completion,  with  a 
Grade,  not  exceeding  40  feet  to  the  Mile,  and  in  a  manner 
worthy  of  the  character  of  the  Western  Rail-Road,  and  of  the 
People  of  Massachusetts.  To  the  15  Miles,  between  Groats 
and  West  Stockbridge,  it  is  indispensable  to  impart  a  like  good 
character  ;  so  that  the  whole  extent,  from  Worcester  to  Albany, 
may  present  a  Rail-Road,  as  free  from  accidents  and  from 
repairs,  as  the  nature  of  the  Country  we  traverse  will  permit ; 
— thus  securing  the  great  object  in  view,  viz. — The  Carrying 
of  Passengers  and  of  Freight,  safely  and  at  a  very  low  Rate, 
with  the  greatest  Net  Profit,  for  the  Western  Rail-road. 

FELLOW  CITIZENS, 

To  grapple  with  this  great  object,  and  to  obtain  the  extra 
number  of  Locomotives  and  of  Passenger  and  Freight  Cars, 
which  the  lengthened  Road,  and  the  press  of  business,  attracted 
to  it,  will  require, — it  becomes  necessary  to  have  an  additional 
Million  of  Dollars,  over  and  beyond  the  amount  to  be  furnished 
by  the  Credit  of  the  City  of  Albany. 

It  is  now  proposed  that  this  Million  be  raised  by  a  Loan  of 
the  Credit  of  our  State,  taking  care  to  have  suitable  provisions 
to  secure  the  Loan  and  to  create  a  Sinking  Fund,  to  pay  it  off : — 


and  it  is  this  proposition,  which  is  now  respectfully  submitted 
to  your  consideration. — Is  it,  or  is  it  not,  for  the  Public  inter- 
est, that  it  should  be  adopted  ? — Will  the  Public  Welfare  be 
advanced,  by  an  earlier  completion  of  this  Great  Work  ? — Will 
it  be  advanced,  by  doing  the  work  with  a  master-hand  ? — Is  it 
or  is  it  not  best,  to  save,  by  an  earlier  completion,  ONE  THOU- 
SAND DOLLARS  Interest  on  past  Expenditures,  FOR  EVERY  DAY 
that  we  thus  shorten  the  time  for  its  completion  1 — Is  it  or  is  it 
not  best,  for  Massachusetts  to  avail,  as  quickly  as  practicable,  of 
our  present  favoring  tide,  while  other  Atlantic  States  have  not 
yet  emerged  from  their  pecuniary  embarrassments  ? — Is  it  or 
is  it  not  best,  thus  to  relieve  the  Patriotic  Citizens  who,  for  the 
Public  Good,  first  shouldered  this  Great  State  Work? — and  to 
leave  the  required  Capital,  in  Private  hands,  to  meet  the  com- 
ing tide  of  Business  ? — Is  it  or  is  it  not  best,  to  avail  of  the 
present  low  price  of  Rail-Road  Iron  and  of  Labor ; — aye  of  La- 
bor, which,  when  thus  employed,  in  time  of  need,  is  not  only  a 
creation  of  wealth  for  the  State,  but  is  also  an  act  of  benevo- 
lence of  the  purest  and  most  enlightened  cast  ? — These  are 
questions,  which  present  themselves  to  the  mind  of  every  intel- 
ligent man — and  to  which  the  practical  good  sense  of  a  Busi- 
ness People  will  give  an  easy  solution. 


FELLOW  CITIZENS, 

To  stop  our  Rail-Road,  at  West  Stockbridge,  in  a  morass, 
never  was  and  never  could  be  the  purpose  of  our  Great  State. 
It  was  the  mouth  of  the  Erie  Canal,  which  we  sought  and 
nothing  short  of  it.  It  was  for  this,  that  we  did  start.  It  was 
for  this,  that  we  did  move  onward : — and  our  settled  purpose 
was  to  attain  this  great  boon,  in  the  shortest  possible  time  and 
without  any  needless  waste  of  the  Interest-Money,  so  FRE- 
QUENTLY FOOLED  AWAY,  BY  NEEDLESS  DELAY,  IN  COMPLETING  A 

GREAT  WORK.  Neither  was  it  the  purpose  of  our  Great  State 
to  furnish  this  Great  thoroughfare  with  Cars,  Locomotives  and 
Depots,  stinted  in  size  or  stinted  in  number ; — or  with  a  narrow. 


8 

dangerous  pass,  through  the  deep  Cuts  and  on  the  high  Em- 
bankments j — or  with  an  insecure  Bridge,  across  Connecticut 
River, — or  over  the  Mountain  Torrents.  These  Great,  these  in- 
dispensable objects  were  to  be  properly  attended  to,  at  what- 
ever cost,  which  might  arise  from  any  unforeseen,  or  at  first 
unseen,  difficulties  ; — or  which  might  result,  from  the  greater 
knowledge,  daily  becoming  more  and  more  evident,  of  the 
coming  flood  of  business,  from  the  Great  and  rapidly  increas- 
ing West.  And  it  is  indeed  fortunate  for  the  Republic,  that 
science,  skill  and  forecast  fearlessly  guard,  on  our  road,  against 
all  difficulties,  as  soon  as  known, — and  candidly  present,  as  fast 
as  discovered,  all  the  wants  of  the  Corporation,  to  the  enlight- 
ened Representatives  of  an  enlightened  People  ; — and  present 
these  wants,  in  ample  season,  to  receive,  at  their  hands,  the  need- 
ful aid  ; — and  thereby,  carefully  and  providently,  guard,  against 
throwing  away  large  masses  of  Money,  by  having  to  suspend 
the  Work, — or  by  needless  Loss  of  Interest  on  previous  Expendi- 
tures,— which  Expenditures,  cannot  be  made  to  bring  in  an  In- 
come, until  the  Road  is  brought,  into  actual  use. 


FELLOW  CITIZENS, 

In  addition  to  the  amount,  to  be  furnished  by  the  City  of 
Albany  and  to  secure  which  its  own  investment  will  form  its 
representative  value, — the  amount  expended,  on  the  Western 
Rail-road,  as  far  as  Albany  (including  the  $1,000,000  now  ap- 
plied for)  will  be  $5,500,000 
of  which  the  Stockholders  will  have  furnished  1,200,000 


and  the  credit  of  the  State  -  $4,300,000 

It  will,  therefore,  be,  in  total,  a  Loan  of  the  credit  of  the 
State,  for  $4,300,000 

upon  a  Property,  which  cost  5,500,000 

In  other  words,  it  will  be  a  Loan  of  78  per  cent,  upon  the 
Stock  of  a   Rail-road,  which  is  marked  out  by  the  impress  of 


9 

the  Almighty's  hand,  AS  ONE  OP  THE  GREATEST,  IF  NOT  THE 
GREATEST,  OF  ALL  THE  THOROUGHFARES,  IN  THE  KNOWN 
WORLD. — Need  we  ask,  whether  such  a  Loan  can  be  deemed 
insecure,  when,  even  now,  our  most  retired  and  most  cautious 
Loaners  are  very  glad  to  avail  of  every  opportunity  to  lend  90 
per  cent.,  on  the  Stock  of  either  the  Lowell,  the  Worcester,  or 
the  Eastern  Rail-road, — neither  of  which  Rail-roads  can  boast 
of  greater,  brighter  prospects,  than  the  Western  Rail-road  ? 

FELLOW  CITIZENS, 

The  Loan  of  credit,  now  applied  for,  being  for  $1,000,000, 
would,  if  distributed  upon  our  739,000  Inhabitants,  be  only 
the  Loan  (upon  undoubted  security)  of  the  credit  of  each  In- 
habitant, for  the  trifling  sum  of  $1,36. — Shall  we,  who  dare 
to  break  the  Mountains  asunder,  be  arrested  by  such  a  trifle  ? 


FELLOW  CITIZENS, 

The  State  is  a  Stockholder,  in  the  Western  Rail-road,  to  the 
amount  of  one-third  of  the  Stock. — Our  proposition  then, 
merely  amounts  to  this  :  "  that  our  Senior  Partner,  to  benefit 
himself,  endorse  the  Note  of  the  firm,  taking  good  collateral 
security." 


FELLOW  CITIZENS, 

.   * 

Singularly  fortunate  indeed  has  been  the  effect  of  the  Loans 
of  credit,  granted  by  Massachusettts,  to  the  Western  Rail-road. 
— While  other  States  have  been  nearly  crushed,  by  commercial 
revulsions,  the  Money,  daily  poured  out,  with  no  stinted  hand 
and  yet  in  small  rills,  through  the  very  heart  and  great  artery 
of  our  State,  has  operated,  for  us,  like  a  healing  balm. — Nor  is 
this  all. — The  Loan  of  credit  of  1838, — by  placing  at  com- 
mand all  the  Exchange  on  London,  that  was  thirsted  for, — 
2 


10 

came  in,  at  the  exact  opportune  hour,  to  Protect  the  Specie  in 
our  Banks  j — thus  enabling  them,  fearlessly  to  resume,  at  an 
early  day,  without  spreading  general  ruin,  by  disastrous  cur- 
tailments.— The  Loan  of  credit,  in  1839,  had  an  equally  fortu- 
nate and  equally  wonderful  effect. — It  operated  like  a  magic 
wand. — The  suspension  of  Specie-Payments,  in  Oct.  of  that 
year,  in  Philadelphia  and  in  the  vast  Region  South  and  West 
of  that  City, — hung  upon  us,  in  fearful  suspense  : — foreboding 
Suspension,  by  New-York,  as  well  as  by  Boston. — Each  Place 
needed,  at  the  instant,  some  great  and  striking  aid,  foreign  to 
the  common  coarse  of  trade  : — and  each  Place  desired  and 
strove  to  create  the  Power  of  drawing  on  London  and  to  pro- 
tect, by  thus  drawing,  the  masses  of  Specie,  daily  taking  their 
flight.  But  vain  was  the  attempt,  on  the  part  of  New-York. — 
Her  Banks,  her  Citizens  lacked  the  ability  to  create  this  Ex- 
change ; — or  (if  they  had  the  ability)  lacked  the  courage  to 
use  it. — And  New-York  was  thus  thrown,  into  the  sad  alterna- 
tive of  prostrating  the  whole  mass  of  her  industrious  popula- 
tion, by  the  most  severe  curtailments. — Hence,  the  mass  of 
Debtors  were  made  to  pay,  Specie,  in  name ; — in  reality,  noth- 
ing.— More  fortunate  was  our  lot.  The  Scrip  of  the  State 
had  given,  to  the  Treasurer  of  the  Western  Rail-road,  a  credit 
in  London  of  the  highest  order  : — and  at  the  most  critical  mo- 
ment, he  used  it,  to  a  large  amount, — protecting,  by  that  single 
step,  the  Specie  in  our  Banks  and  thus  enabling  our  Banks  to 
take  the  community  by  the  hand  and  to  save,  from  the  general 
wreck,  the  whole  mass  of  our  Business  men. — What  cause  of 
gratitude  this,  for  the  enlightened  forecast  of  the  Legislature 
of  1838  and  of  1839  ! 


FELLOW  CITIZENS, 

Some  idea  may  be  formed  of  the  vast  Business,  accessible  to 
us  when  we  reach  Albany,  by  the  following  Extract,  from  the 
Message  of  the  Governor  of  the  State  of  New  York,  on  the  5th 
January,  1841 : 


11 

"  The  Eastern  Section  of  the  Erie  Canal  has,  during  the 
last  Season,  been  subjected  to  a  test  of  its  ability.  From  the 
opening"  to  the  close  of  navigation,  a  period  of  seven  months 
and  a  half,  THERE  WAS  AN  AVERAGE  LOCKAGE,  AT 
EACH  LOCK,  OF  ONE  BOAT  IN  ELEVEN  MINUTES." 

In  other  words,  if  each  Train,  on  the  Western  Rail-Road, 
take  two  Boat-Loads,  the  Business,  accessible  to  us,  from  the 
Erie  Canal,  is  equal  to  having  a  Train  start,  night  and  day, 
every  22  Minutes. 


FELLOW  CITIZENS, 

The  Valuation  of  the  Real  and  Personal  Property,  in  the 
State  of  New  York,  (as  per  Official  Documents)  was  as  fol- 
lows : 

1815         .         .        ".         .  $281  Millions 
1825   (the   year  the    Erie 

Canal  was  finished,)  263       " 

1835      l-olji;  r  lf°      .         .  529       " 

1838  *lli'J  :  *.}|       .         .  627       " 

1839  ",        ..       ,        .  654       " 

It  will  thus  be  perceived  that,  in  the  10  years,  preceding  the 
completion  of  the  Erie  Canal,  the  valuation  decreased      6  pr  ct. 
whereas,  in  the  10  years,  following  said  completion, 
the  valuation  increased  ....  100  pr  ct. 

It  will  also  be  perceived  that,  during  the  14  years,  between 
1825  and  1839,  the  wealth  of  the  State  was  increased  391  Mil- 
lions of  Dollars,  which  is  55  times  the  original  cost  of  the  Erie 
Canal,  when  completed  in  1825. 

Does  not  this  show  the  wonderful  effects  of  Internal  Im- 
provements, IN  CREATING  WEALTH  ? 


12 

FELLOW  CITIZENS, 

In  1815,  the  Valuation  of  the  Real  and  Per- 
sonal Property,  in  the  State  of  New- York,  was  $281  Millions. 

In  1825,  it  was 263  Millions. 

In  1839,  the  Valuation  of  the  Real  and  Per- 
sonal Property,  in  the  State  of  Massachusetts,  (as 
pr  Report  of  Valuation  Committee,  dated  5  Jan'y, 
1841,)  was 300  Millions. 

Are  we  not  then,  as  a  State,  much  better  able  to  shoulder 
our  Great  State  Work,  "  the  Western  Rail-Road," — than  New- 
York  was,  from  1817  to  1825,  to  construct  her  own  Great 
State  Works,  "  the  Erie  and  Champlain  Canals  ?" 

FELLOW  CITIZENS, 

Judging  from  the  effects  of  these  New- York  Great  Works, 
in  nearly  doubling  the  Wealth  of  that  State,  in  10  years, — 
may  we  not  indulge  the  confident  hope,  that  the  Western 
Rail-Road  will  add  something  like  300  Millions  of  Dollars,  to 
the  Wealth  of  Massachusetts,  within  10  years  after  its  comple- 
tion to  Albany  ? 

FELLOW  CITIZENS, 

The  Erie  Canal,  finished  only  16  years  since,  has  paid  for 
itself ;  has,  for  several  years,  furnished  the  means  of  dispens- 
ing with  the  State  Tax  ;  and  even  has  given  a  large  Surplus 
beyond  this.  The  very  last  year,  it  paid,  into  the  Treasury  of 
the  State,  more  than  One  Million  of  Dollars  Net  Money. 

The  State  of  Massachusetts  is  the  Owner  of  J  of  the  West- 
ern Rail-Road  and  has  the  option  of  purchasing  the  other  f  at 
the  Cost  and  7  pr  ct.  Interest  per  annum. 

It  requires,  therefore,  no  prophetic  ken  to  foretell,  that  THE 
WESTERN  RAIL-ROAD,  which  is  simply  the  continuation 
of  the  Erie  Canal,  will  inevitably  lead  to  a  result,  equally 
brilliant,  for  the  Treasury  of  the  State  and  WILL,  AFTER 
A  FEW  SHORT  YEARS,  FOR  EVER  FURNISH  ABUN- 
DANT MEANS  TO  PAY  ALL  OUR  STATE  EXPENDI- 
TURES. 


13 


FELLOW  CITIZENS, 

The  Table,  herewith  presented,  is  an  index  of  a  like  result, 
known  to  exist  on  other  Rail-Roads,  both  in  Europe  and  in 
this  Country  : — and  clearly  shows  the  unerringly  onward  march 
of  the  Net  Revenue  of  Rail-Roads.  It  carries  us,  by  the  irre- 
sistible force  of  facts,  to  the  conclusion  that,  whatever  may  be 
predicted,  by  the  most  sanguine  man,  of  the  success  of  any 
Rail-Road,  on  any  Great  Thoroughfare,  will  be  outstripped, — 
far  outstripped, — by  reality. 

Is  it  not  then  beyond  all  doubt ,  that  the  security  now  pro- 
posed,  for  the  Loan  of  the  Credit  of  the  State,  presents  the  most 
unquestionable  solidity :  AND  THAT  THIS  CREDIT  WILL 
PROMOTE  THE  GENERAL  WELFARE  OF  THE 
STATE,  IN  A  MANNER  SO  STRIKING,  AS  TO  ENTI- 
TLE THE  PRESENT  GENERATION,  TO  THE  EVER- 
LASTING GRATITUDE  OF  POSTERITY  ? 


P.  T.  O. 


14 


TABLE, 


INDICATIVE  OF  THE  ONWARD  PROGRESS  OF  THE 
•  REVENUE  OF  RAIL-ROADS. 


BOSTON  AND  LOWELL  RAIL-ROAD. 
Cost,  as  estimated  in  1831,  .        $600,000 

Actual  cost  ....     $1,800,000 

Net  Revenue,  per  ann.,  as  estima- 
ted in  1831,       .         .         .     >'  .  S      $36,000 

Actual  Net  Revenue,  from  all  sources : 

For  5  months  of  1835,  .  .  $45,529 

"          the  year  1836,  .  .  89,798 

"                 "       1837,  .  .  102,261 

"                 "        1838,  .  .  116,180 

"                 «       1839,  .  .  149,068 

Gross  Revenue  from  Freight. 

For  5  months  of  1835,  .  .  $688 

"           the  year  1836,  .  .  39,450 

«                 "        1837,  .  .  66,456 

«                 "        1838,  .  .  79,719 

"                 "        1839,  .  .  105,182 


Total. 

$45,760 
48,132 
57,310 
64,566 


TAUNTON  BRANCH  RAIL-ROAD. 

Gross  Revenue. 

Passengers. 

Freight. 

1837, 

$34,480 

$10,879 

1838, 

33,199 

14,932 

1839, 

40,626 

16,684 

1840, 

45,875 

18,691 

15 


BOSTON  AND  WORCESTER  RAIL-ROAD. 
Opened  to  Worcester  3d  July,  1835. 

From  Freight.  Total. 

Gross  Revenue.  1835,  $23,821  $119,117 

"             "  1836,  54,392  175,184 

11             "  1837,  74,163  197,494 

"             "  1838,  96,251  194,534 

"             "  1839,  106,251  231,807 

BALTIMORE  AND  OHIO  RAIL-ROAD. 

Gross  Revenue. 

For  1  year  ending  30th  Sept.  1833,  $195,700 

«           "             «          1834,  205,400 

"         "           "             "           1835,  263,300 

"         "           "             "          1836,  281,300 

"         "           "             "          1837,  301,300 

"         "           "             "          1839,  432,883 


CAMDEN  AND  AMBOY  RAIL-ROAD. 

No.  of  Passengers.        Tons  of  Freight.  Net  Revenue. 

1833,  109,908  6,043  $181,000 

1834,  105,418  8,397  233,000 

1835,  147,424  10,811  362,000 

1836,  103.731  12,508  407,000 

1837,  145,461  10,642  372,000 

1838,  164,520  11,765  400,000 

1839,  181,479  13,520  427,000 

LIVERPOOL  AND  MANCHESTER  RAIL-ROAD. 

31  Miles. 
Cost,  estimated  at,  £  stg.  400,000 

Actual  cost  .         .         .  1,400,000 

Market  value  of  the  Stock,  at  which 

it  is  Saleable,     .         .  £  stg.  2,500,000 

(N.  B.  The  Price  of  the  Stock  has  ranged 
from  80  to  110  per  cent,  advance,  on  the 
Par,  as  paid  in.) 


16 


1832, 

Net  Revenue,     .         .        £  stg.  60,673 

1833, 

<( 

it 

74,075 

1834, 

it 

it 

75,038 

1835, 

it 

n 

83,621 

1836, 

it 

it 

85,053 

1837, 

it 

tt 

82,910 

1838, 

a 

u 

102,270 

1839, 

tt 

It 

111,181 

Ordered  unanimously,  That  the  Treasurer  of  the  Corpora- 
tion, for  the  time  being,  under  the  orders  of  the  Board  of  Di- 
rectors, be  authorized  to  execute,  to  the  Commonwealth,  by 
proper  instruments,  in  the  name  of  the  Corporation,  such  secu- 
rities as  may  be  necessary  for  any  loan  or  loans  of  their  Credit, 
which  the  Commonwealth  of  Massachusetts  may  grant  to  this 
Corporation  ; — and  to  re-affirm,  as  to  this  new  loan  or  loans, 
the  pledge  of  collateral  security  therefor,  of  the  Franchise  of 
the  Corporation,  together  with  the  Road  and  its  appurtenances 
and  income,  including  all  additions  made  to  the  same,  after 
such  pledges  shall  be  given  ; — and  also  to  pledge,  as  additional 
collateral  security  therefor,  the  Contract  of  Transportation  with 
the  Albany  and  West  Stockbridge  Rail-Road  Company  and 
all  the  interest  of  the  Western  Rail-Road  Corporation,  in  said 
Albany  and  West  Stockbridge  Rail-Road  Company,  derived  to 
the  Western  R.  R.  Corporation,  from  said  Contract  of  Trans- 
portation and  from  any  advances  made  or  to  be  made,  by  said 
Western  R.  R.  Corporation,  under  said  contract  of  Transporta- 
tion. 

Ordered,  That  the  proceedings  of  this  meeting,  including 
the  address  now  adopted  by  the  Stockholders,  be  certified  by 
the  President  and  Clerk  of  the  Corporation,  and  a  copy  thereof 
be  forwarded,  by  the  Clerk,  to  the  Governor  and  to  the  Lieu- 
tenant Governor  of  the  Commonwealth,  to  each  Counsellor, 
Senator,  and  member  of  the  House  of  Representatives,  and  to 
each  Stockholder. 

THOMAS  B.  WALES,  President. 
ELLIS  GRAY  LORING,  Clerk. 


Manufactured  by 

IGAYLORD  BROS.  Inc. 

Syracuse,  N.  Y. 

Stockton,  Calif. 


M199083 


tH 

THE  UNIVERSITY  OF  CALIFORNIA  LIBRARY 


